Do I have to pay taxes if my uncle send me money as a gift from a foreign country to my US bank account?

Answer this question

Do I have to pay taxes if my uncle send me money as a gift from a foreign country to my US bank account?

Answer for question:

Your name:

Answers

Answer #1 | 19/12 2013 21:01

No. You are not allowed to pay any tax on it. The U.S. allows for gift tax to be paid only by the person who gives a gift, and not by the person who receives it. The U.S. does not allow anyone to pay tax on a gift received from a family member.
If your uncle lives in a country that requires the person who gives a gift to pay tax on it, then he has to do that.
If your uncle is a citizen of a country that requires the person who gives a gift to pay tax on it, then he has to do that.
If your uncles lives in a country that doesn't require it, and is a citizen of a country that doesn't require it, then he doesn't have to do it.
But, either way, you must not do it.

Positive: 50 %

Answer #2 | 19/12 2013 08:46

You don't pay US taxes on bona-fide gifts. The donor may have to but as your uncle is neither a US citizen nor resident he cannot be compelled to file a US Gift Tax return. (It's highly unlikely that he would owe any tax, but that's another matter and irrelevant to your question.)
If you receive a foreign gift or gifts in excess of $100,000 you will have to file a Form 3520 informational return. If this is the only foreign gift for the year, that return does not need to be filed. As long as you have no authority over the account that the gift is sent from there are no other filing or reporting requirements.
Whether he will have to pay any taxes in his home country is between him and the national tax authorities. We would have no way of knowing if he does or does not.

Positive: 0 %

Answer #3 | 19/12 2013 08:44

If you inherited the money, you shouldn't have to pay. Inheritance tax doesn't kick in until it is over $5.25 million in the us.

Answer #4 | 19/12 2013 08:47

In the US, the recipients of a gift never have to pay taxes on that gift. US gift taxes, when applicable, are only paid by the giver of the gift. Since your uncle is not a US citizen or resident, he is not subject to US gift taxes.

Positive: 0 %

Answer #5 | 19/12 2013 08:48

The giver is subject to gift tax. However, since he is not a US resident/citizen he is not subject to this tax. You are required to report it on your taxes but will not owe taxes on it.

Positive: 0 %

Answer #6 | 19/12 2013 10:57

not taxable to you
he very likely paid taxes on the sale of the house and depending on the laws of his country the amount of money he sent to you will be according to their laws